FASB Discusses Conceptual Framework Project
At the June 1 board meeting, the Financial Accounting Standards Board (“FASB”) continued deliberations regarding the proposed chapter on presentation with respect to its Conceptual Framework project. The FASB reached tentative decisions about which information will be required for disclosure, the grouping of recognized items into line items, incorporating FASB Concepts Statement No. 5, Recognition and Measurement in Financial Statements of Business Enterprises, and whether or not to emphasize the Conceptual Framework as a non-authoritative tool for standard-setting activities. Read more on the tentative board decisions from the FASB’s June 1 meeting at FASB.org.